Multifamily

MIG REAL ESTATE PURCHASES HOUSTON APTS.

by admin May 17, 2012

HOUSTON — MIG Real Estate has acquired the 372-unit Wynhaven at Willowbrook, a 436,914-square-foot multifamily property located at 9611 Grant Road in Houston. The property is 96 percent occupied and features walk-in closets, personal laundry rooms, dining room bay windows and a ceramic tile tub. Amenities for the property include a resort-style swimming pool, sun deck, WiFi, covered parking and picnic areas. MIG Real Estate was self-represented in the transaction, and Alliance Residential Co. will manage the property.

May 17, 2012

AUTUMN BROOK IN SAN ANTONIO SELLS

by admin May 17, 2012

SAN ANTONIO — Hendricks & Partners has brokered the sale of the 124-unit Autumn Brook, a multifamily property located at 11726 W. Ave. in San Antonio. Mike Miller, Chris Ross and Will Caruth of Hendricks & Partners' San Antonio office represented the seller, an Austin-based investor, in the transaction. The buyer was an out-of-state investor.

May 17, 2012

Multifamily Western

THE BAHAMAS APARTMENTS SELLS FOR $3M

by admin May 17, 2012

AURORA, COLO. — The Bahamas Apartments, a 100-unit apartment community in Aurora, has sold to Fitzsimons Place, LLC for $3 million. The property is located at 1568 Nome Street. The sale was brokered by Brice Head of Pinnacle Real Estate Advisors.

May 17, 2012

Midwest Seniors Housing

SKILLED NURSING CENTER SECURES $5M REFINANCING LOAN

by admin May 17, 2012

MINSTER, OHIO — Love Funding has arranged a $5 million loan to refinance Heritage Manor Skilled Nursing and Rehabilitation Center in Minster. Robert Smallwood of Love Funding secured the 33-year loan through the U.S. Department of Housing and Urban Development's 232/223(f) loan program. The property, built in 1977, is operated by a subsidiary of Vrable Healthcare Inc. and includes 61 units.

May 17, 2012

Multifamily Southeast

IPA BROKERS $14M MULTIFAMILY SALE

by admin May 16, 2012

TAMPA, FLA. — IPA has arranged the $14 million sale of the 216-unit Lakes of Northdale, a Class B multifamily property located at 16297 Northdale Oaks Dr. in Tampa. Amenities include a clubhouse with WiFi, resort-style swimming pool with spa, a resident business center, redwood saunas, laundry facilities and 70 carports. Jamie May of IPA represented Sentinel Real Estate Corp., the seller, in the transaction. Robbins Property Associates was the buyer.

May 16, 2012

Multifamily Southeast

MAA ACQUIRES ATL APT. COMPLEX

by admin May 16, 2012

ATLANTA — MAA has purchased the 230-unit Allure in Buckhead Village, a mid-rise multifamily apartment community located at 360 Pharr Rd. in Atlanta. Amenities include a resort-style swimming pool with a sun deck, fitness center and outdoor kitchen. The buyer plans a complete renovation of the apartment unit interiors with upgrades, including stainless steel appliances, new counter tops and enhanced lighting and plumbing fixtures.

May 16, 2012

Multifamily Southeast

WALKER & DUNLOP ARRANGES $18.7M LOAN

by admin May 16, 2012

ATLANTA — Walker & Dunlop has arranged $18.7 million in Fannie Mae financing for the 336-unit Calibre Springs, a garden-style apartment complex located at 800 Lake Placid Dr. NE in Atlanta's Sandy Springs submarket, on behalf of Sterling Trust. Phil Davis of Colliers International originated the 5-year loan, which has 5 years of interest-only payments. Charlie Mentzer led the Walker & Dunlop team.

May 16, 2012

Multifamily Northeast

BROOKLYN APARTMENT BUILDING COLLECTS $1.2M

by admin May 16, 2012

BROOKLYN — A 16-unit apartment building at 5122 Snyder Ave. in Brooklyn has sold for $1.2 million to a private investor. Matthew Fotis and Shaun Riney of Marcus & Millichap represented the seller, a private investor, in the transaction. They also represented the buyer.

May 16, 2012

Multifamily Northeast

DEVELOPER RECEIVES $2.2M CONDO CONSTRUCTION LOAN

by admin May 16, 2012

NEW YORK CITY — Daniel Hilpert of Mortgage Equicap has arranged a $2.2 million ground-up construction loan for a condominium development in the East Village. Mortgage Equicap placed the loan with a conventional lender on behalf of the borrower, a foreign developer. The loan was structured with limited recourse.

May 16, 2012

Multifamily Texas

UC FUNDING CLOSES $8.1M MULTIFAMILY LOAN

by admin May 16, 2012

DALLAS — UC Funding has secured an $8.1 million bridge loan for the 250-unit Ridgecrest Apartments, located at 5330 Preakness Lane in Dallas. The firm arranged the 12-month, interest-only loan, and is expecting to provide a permanent loan solution within the next 6 to 9 months, most likely through HUD.

May 16, 2012

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